However, this brief era of decelerating medical cost inflation
may be ending.

"From June to September, the 3-month annualized rate of change
for medical goods inflation has jumped from -0.4% to +4.8%,
health care services have risen from -0.5% to +1.3%, and
financial services inflation has bounced from +0.2% to +2.6%,"
noted UBS's Drew Matus.

Matus sees core price inflation accelerating in 2014, which would
also give the Federal Reserve less room to continue its
ultra-easy monetary policy.

But it's still too early to begin freaking out. The Affordable
Care Act could deal another blow to inflation.

"If Obamacare succeeds in lowering health care costs further then
it will have important implications not only for fiscal policy,
but the disinflationary impulse will also continue to provide a
favorable backdrop for the Fed to maintain its
über-accommodative policy stance for longer," said TD
Securities' Millan Mulraine.